RIYADH — AlUla Development Company, wholly owned by the Public Investment Fund (PIF), has launched operations to support the development of AlUla.

Through real estate development and asset management along with a long-term investment strategy, AlUla Development Company will create jobs and opportunities for local businesses and communities whilst preserving one of the world’s largest and oldest cultural sites.

The company’s mandate is in line with PIF’s strategy on unlocking the capabilities of promising sectors that can help drive the diversification of economy, increase private sector engagement and improve quality of life to support Saudi Arabia’s position regionally and internationally as a leading tourism and cultural destination in line with the Saudi Vision 2030.

The company will advance the next chapter of AlUla’s extraordinary legacy and transform the ancient city into a global tourism destination. The entity will work in collaboration with the Royal Commission for AlUla (RCU) and private sector entities to support the development and operation of a world-class portfolio of global hospitality, residential, retail, commercial and infrastructure assets.

The planned developments include more than 7,500 hotel keys, 5,000 residential units, a staff village comprising more than 1,000 units, supporting infrastructure, and more.

AlUla Development Company will work closely with local and international experts in architecture, construction, design and heritage conservation to deliver the sustainable transformation of AlUla. — SPA